消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 华泰证券指出，2026年以旧换新政策将延续"稳总量、调结构、更精准"的导向，在家电品类中聚焦冰 箱、洗衣机、电视、空调、电脑、热水器等六大核心产品，并首次将智能眼镜纳入数码和智能产品购新 补贴范围，同时强调高能效标准与适老化需求。这一调整不仅有助于稳定核心品类的消费需求，也标志 着政策从传统功能替代向"智能进化"延伸，有望加速AI/AR眼镜在大众市场的渗透进程。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承 ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11 has outlined the optimization of the "large-scale equipment update and consumer goods replacement" policy for 2026, with a focus on extending and optimizing the "national subsidy" policy closely related to consumer electronics [1] Group 1: Policy Impact - The national subsidy policy has shown significant effectiveness, with over 2.5 trillion yuan in sales driven by the replacement program under the support of 300 billion yuan in long-term special bonds in 2025 [1] - The continuation of the national subsidy is expected to further stimulate terminal demand, alongside product upgrade cycles driven by AI technology penetration in the consumer electronics sector [1] Group 2: Market Performance - As of December 12, 2025, the CSI Consumer Electronics Theme Index (931494) rose by 1.50%, with notable increases in component stocks such as Dongshan Precision (6.51%), Beijing Junzheng (5.89%), and Chipone (5.75%) [1] - The Consumer Electronics ETF (561600) also saw a rise of 1.36%, with a latest price of 1.19 yuan, and a trading volume of 969.20 million yuan [1] Group 3: ETF Growth - The Consumer Electronics ETF experienced a significant growth of 32.59 million yuan in scale over the past month [2] - The CSI Consumer Electronics Theme Index includes 50 listed companies involved in component production and consumer electronics design, reflecting the overall performance of the sector [2] - The top ten weighted stocks in the index account for 56.39% of the total index weight, indicating a concentrated market structure [2]